The PERE Credit 50, compiled by PEI Group’s in-house research and analytics team, ranks managers by the amount of capital raised from external investors for private credit strategies during the preceding five years. The 50 largest US-focused firms raised $174.06 billion for the five years ending in 2024.
The ranking complements similar research from our affiliate titles, PERE and Real Estate Capital Europe, which respectively look at the 50 biggest global managers and the 30 largest European firms. This year’s ranking expands the work done by PERE Credit’s predecessor publication, Real Estate Capital USA, which provided an annual ranking of the 40 largest US-focused real estate private credit managers
TOP 10 COMMERCIAL REAL ESTATE PRIVATE CREDIT MANAGERS ACTIVE IN THE US
| Rank | Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | PGIM Real Estate | Newark | 13,276 |
| 2 | Pretium Partners | New York | 12,368 |
| 3 | Rialto Capital Management | Miami | 8,654 |
| 4 | Berkshire Residential Investments | Boston | 8,534 |
| 5 | AXA IM Alts | Paris | 6,849 |
| 6 | Prime Finance | San Francisco | 5,873 |
| 7 | Bridge Investment Group | Salt Lake City | 5,613 |
| 8 | Madison Realty Capital | New York | 5,144 |
| 9 | Pacific Investment Management Co (PIMCO) | Newport Beach | 4,908 |
| 10 | BDT & MSD Partners | Chicago | 4,765 |
Top 10 biggest capital raisers for Real Estate Debt 2025
PERE’s ranking of the largest capital raisers in the real estate debt space as of 2025. Clicking the firm names will take you to their institution profile where you can view a swathe of information regarding their investment activities, contacts, addresses and specific fund information.
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AXA IM Alts
Paris-based AXA IM Alts has sat atop PERE’s ranking for six consecutive years, amassing $21.1 billion in capital raised for real estate debt investment over the five years to the end of 2024. The firm has a 20-year track record in the space and invests in senior, whole loan, development and mezzanine debt in Europe and the US.
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PGIM Real Estate
PGIM’s real estate debt arm leverages its global investment platform to back senior and mezzanine loans, structured credit and opportunistic credit strategies. The New Jersey-based firm has raised more than $19 billion in real estate debt capital over the prior five years.
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Blackstone
Blackstone is a dominant force across both equity and debt real estate investing. In real estate debt, the New York-based manager provides a range of financing solutions across the capital structure and risk spectrum. Having raised $15.1 billion in the past five years, the mega-manager moved up one place on its 2024 ranking.
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Pretium Partners
New York-based residential specialist Pretium has steadily intensified its presence in real estate credit, offering homebuilder financing, multifamily debt and other opportunistic real estate debt in the housing sector. From 9th position in the 2024 RED 50, Pretium moved into 4th place this year with a five-year capital total of $12.4 billion.
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PAG
The highest-ranking Asian firm on the list, PAG has a debt footprint across Asia and emerging markets, especially in transitional and special situations financing. Headquartered in Hong Kong and with a five-year capital total of just under $11 billion, its cross-regional scale and flexibility help it capture credit demand in less saturated markets.
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Rialto Capital Management
Miami-based Rialto is a specialist credit and structured real estate debt manager, known for opportunistic and bridge lending across the US and Europe. The firm has moved up from 10th place in last year’s ranking to sixth, with a five-year capital total of $8.7 billion.
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Berkshire Residential Investments
Focused particularly on US residential real estate debt, Berkshire Residential invests in senior bridge loan positions, mezzanine debt and Freddie Mac Capital Markets Execution securities. Its activity across housing markets has upped the Boston-based manager’s position in the ranking to 7th place in 2025 from 13th one year prior, having raised $8.5 billion in the counting period.
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Goldman Sachs Asset Management
Goldman Sachs brings its deep balance sheet, origination reach and credit structuring capabilities to real estate debt, offering institutional partners access to large-scale senior, mezzanine and ground-lease financing across geographies. With a five-year capital total of $7.3 billion, the New York-based firm has dropped to 8th place from 5th position on year prior.
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Metrics Credit Partners
Based in Sydney, Metrics is a leading Asia-Pacific real estate credit investor, deploying across senior debt, mezzanine and structured credit primarily in Australia and New Zealand. The firm has raised $6.7 billion in the past five years for real estate debt strategies, and leapt into 9th position from 20th place in the 2024 ranking.
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BGO
BGO, formerly known as BentallGreenOak, has built credibility across both European, Canadian and US real estate debt markets, investing across all loan and property types. The New York-headquartered firm has raised $6.4 billion in the five-year period, propelling it from 19th position in 2024.
INSIDE THE PERE CREDIT 50
PERE CREDIT 50 | METHODOLOGY
The 2025 edition of the PERE Credit ranking carries forward the same methodology as the 2024 edition
The 2025 PERE Credit ranking is based on the amount of North America-focused private real estate credit investment capital raised by firms for funds closed between January 1, 2020 and December 31, 2024, as well as for funds that were in market at the end of the counting period.
The 2025 edition of the PERE Credit ranking carries forward the same methodology as the 2024 edition
The 2025 PERE Credit ranking is based on the amount of North America-focused private real estate credit investment capital raised by firms for funds closed between January 1, 2020 and December 31, 2024, as well as for funds that were in market at the end of the counting period.
For the purpose of the rankings, we only count closed-end funds for which the fund manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the (multiple years long but finite) fund life, without approval from the GP. Funds must invest solely into private assets and GP commitments (for interest alignment only) can be included, too. Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count fund of funds as well as recycled or rolled-over capital from previous fundraises.
We also count capital raised for co-investments and separately managed accounts, as long as they either fulfil the above criteria or serve as an “extension” of the main funds’ fundraise, even if the above criteria is not fully met. “Extension” is here defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises.
For funds in market, capital raised via actual LP commitments that were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period nor do we accept targets or expected commitments. For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.
In line with previous years, only funds that invest in real estate debt are considered.
Opportunistic funds that acquire debt tranches to eventually obtain ownership of underlying real estate equities cannot be counted towards this ranking.
Finally, we only count capital raised that is targeted to be invested in North America.
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